“Small Company” Concept for Exemption from Statutory Audit

Effective 1 July 2015, the Accounting and Corporate Regulatory Authority (“ACRA”) has introduced the new concept of “small company” for exemption from statutory audit. Under the new regime, a company will need to meet any two of the following quantitative criteria in order to qualify as a “small company” in each of the immediate past two financial years. Learn more about this new concept with the infographic below: